Tax Savings Strategy 197 | Long Service Awards

Tax Savings Strategy 197 | Long Service Awards

Long service worker

Long service awards granted in recognition of 15 years or more service are tax deductible and FBT exempt, provided the value of the award doesn’t exceed the following specified amounts:

  • $1,000 for 15 years’ service.
  • Plus $100 per additional year of service.

Where the value of an award exceeds the relevant maximum value, no part of the award is exempt.

Similar posts you may like

  • Tax Savings Strategy 157 | Pooled Development Funds

    Pooled development funds (PDFs) are eligible investment companies that are registered under the Pooled Development Funds Act 1992 (PDF Act) and which provide equity Read more

  • Bank Secrecy in Tax Havens

    Bank secrecy (or bank privacy) is a legal requirement in most tax havens and this prohibits banks providing authorities (foreign governments and their tax Read more

  • Bermuda

    Capital city:               Hamilton      Currency:                   Bermudian dollarc Read more

  • Niue

    Capital city:              Alofi Currency:                  New Zealand dollar (NZD) Population:              1,470 (predominantly Polynesian) Language:                Niuean (official) 46% & English Read more

"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"

- Bono: U2